ndttempt to bring alex murdaugh to justice. ♪♪ good morning welcome to "street signs." i'm joumanna bercetche basic resources leave european equities lower as the biggest cen central banks are raising interest rates. and novashares sink after the merger with a danish health maker. we will speak with ester baiget.

change at top of maersk. announcing the retirement from the ceo and another set to take over. and european parliament vice president is suspended from the party after belgium police detain two mps and seize 600,000 euro in cash after a series of weekend raids. good morning happy monday welcome to "street signs." it is shaping up to be a huge week for global markets. so much on the agenda. we will talk about all of them we are watching out for the u.s. cpi print tomorrow and fed on wednesday and later on in the week the ecb and central bank. and a treat of data coming up in

the next fivedays. you see the stoxx 600 is not starting off the week in a faugs fo fashion on the foot. the stoxx 600 as a whole is down .70% the set is tone in the chinese markets on mounting covid cases and this impacts the economy even as authorities look to ease the covid restrictions the tone was set friday afternoon with a negative post for wall street for the week and on the session overnight in asia and this is the picture for stoxx 600. we have loads of different company stories driving the market action today. let's get into the individual indices. dax is down .60% given the risk-off environment, we see a pull back from basic resources and retail names under

selling pressure the dax is down .60% cac 40 is down .40% after a pull out of a deal for horizon therapeutics the ftse 100 is down .40%. here we had some macro data coming through gdp came through for the month of october higher at .5% over .4% forecast. we are seeing a big bounce for london stock exchange on the ftse 100 that stock is up .4% after microsoft took a stake in the stock exchange this is the breakdown with sectors. every sector in the red as you can see. we have real estate lagging down 2% we continue to talk about

liquidity in that space. we were talking about the blackstone real estate fund as they review what is happening in public equities over private equities and real estate in the heart of the storm retail down 1.25%. those stocks all pull back ahead of the holiday season which is shaping up to be a tricky one given the cost of living crisis. because china is weak today, it is 1.3% down on basic resources. with the u.s. futures, we had a tough week last week wereith th u.s. markets all three majors are set to open in the red there is a lot going on this week that could change the direction of travel for u.s. equities let's talk about this week it is a bumper week of central bank action and economic data points which started with the uk

gdp which is be than expected. the consumer price index is released this week and the fed makes its decision on wednesday. that kicks off a string of policies with the bank of england and ecb with rate decisions on thursday and we get european inflation and pmi data on friday. whoever thought december would be quiet, you are mistaken we are not quite in the christmas lull season yet. we have a full week of data to get through. let's hone in on the ecb it is expected to hike rates 50 basis points after the inflation slowed for the first time in one and a half years last month. a annette joins us

people have been talking about 75 and 50 basis point hikes. where do you think they land one other question is they have been talking about the possibility of a qt announcement what might we get out of it? >> well, we must expect the ecb will hike by 50 basis points that is because of exactly that qt argument. what we most likely see behind the scenes is political horse trading. the dogs are not interested in qtbecause it could actually affect their bonds and yields more than the one in the northern helmihemisphere yes on the qt announcement could be tied behind the scenes to only 50 basis point rate hike despite the fact we have seen core inflation being stubbornly high that is a concern to the ecb clearly, although we are seeing

perhaps peak inflation already happening and higher energy prices might recede on a year by year basis at least by march core inflation is the key factor to look at so, i guess, qt announcement might come in some form, most likely quite late with the details of the quarter. if we could see that in march next year and we need to look at how deep the recession is going to be in the winter months given the energy crisis. that is one big topic we are looking at and another one is the staff projections for the next three years for inflation and gdp. that gives you much more insight in the thinking of how far rates

should be hiked. so far, the terminal rate is most likely sitting somewhere at 2.5% deposit rate meaning 3% and the main interest rate that could be the end reached in the first half of 2023 so, i guess there is loads of data points coming out of the ecb. it will be an interesting session on thursday. >> i'm very much looking forward to it, annette let's look at european banks ahead of the important trading week also in line with the general risk-off sentiment we are witnessing today european banks are pulling back. deutsche bank down .50%. a bit of a pull back in terms of european yields. the 10-year bund at 1.93

10-year france at 2.39 we have come in substantially. the 10-year bund is down 70 basis points in the last month we have rallied back in the ten-year paper joining on the show to talk more about fixed income is the head of fixed income sales. thank you, peter, for joining me on the show. i want to start off with the u.s. it feels as though the fed is the main central bank people are watching we pay a lot of attention to the bank of england here to what extent is the u.s. cpi number impacts the calculus for the day after? >> i think the fed is clear they are interested in a medium-term

or longer-term stability as well as getting asset prices down and taking out some of the excess in the economy. one print won't change this view the forecast is for that to go down to low 7 which is a better print than the high 9 we saw early in the year and also compares favorably with the european and uk interest inflation numbers of 10 or so. i think the big sort of tension in the market is the expectation for rate path in 2023. you got this very inverted curve between 2/10 which tells you the market is saying the fed will raise quite a bit more 75 or maybe another 50 hard to know exactly what those numbers will be. starting next year they will cut

of th cut. they said they will keep continuing >> the fed says they might have to keep raising interest rates, but we have seen a loosening of financial conditions in the last month. we have seen fixed income rally back a weakening of the u.s. dollar which is counterintuitive to the messaging coming out of the fed. how do you think the fed will respond to this loosening of financial conditions >> i think that itself may indeed help them along that cause to keep rates a bit higher for longer than other people think. you know, they've got a tough job to bring expectations for inflation back down into that 2% area still a long way to go if you look at the trajectory from 7 it will take 12 to 18 months to

get back yields have come down. i think the 10-year peaked over 4% briefly early are in the year now it is around 3.5 it is hard to see that number going much below 3 and maybe below 3.5. you might have seen the best of fixed income for now which does tie into the house view on the outlook for the markets in 2023. >> i just want to also ask your opinion about the ecb. i don't know if you listened to my conversation with my colleague annette. it could be a compromise with the hawks. the hawks pushing for more aggressive qt announcement come this thursday. how do you see that evolving >> again, it is in the unknown space. i do think you have to bear in mind qe took a long time to

impact and there is debate of the benefit of the process was here the idea you announce quantitative tightening and stocks selling down the balance sheet. you take a fairly steep change in policy or big move in policy on interest rates because you decided you have qt. that doesn't really sound like a sensible balance sorry. you know, i think you will see 50 basis points. you might seeing something on qt i think also you will see a message that inflation has to come down a lot before you start thinking about any kind of broadening or softening of that approach i know there is a lot of talk of rates ending at 2.5 to 3 you have inflation to tap. you have a long way to go. they have to be cautious on calling time on rate increase

because of one long-term change of policy in the central bank. >> fair enough one other element we have not talked about which is quite big and useful tool in the ecb tool kit is the repayments. they have been encouraging the banks on repayments to start the rebalance sheet reduction. do you think there is a sense from the ecb committee that could be one way of countering a less aggressive rate hike? >> yeah, it is all in the same department of shrinking the credit markets and shrinking the support for the system it is hard to know what the ben p fit of those loans was apart from making or giving the banks fairly low risk profits. that was the main outcomes which helped them build capital basis. that allows them to lend more.

it is fairly derivative. it is a good idea. it is about normalizing and getting back to the world where the central bank is the focus of every conversation and markets are standing on their own two feet. >> peter, you mentioned maybe the rally and fixed income has run its course were you talking specifically about u.s. fixed income? what do you like here? >> you see a significant increase in credit spreads and yields you see the major banks issuing tier 2 without a coupon. we have tier 1 space in double digits i think remaining invested in large, well capitalized businesses who can weather inflation and recession. you can go down the structure to

the subordinated instruments i think the leverage market will have a problem with refinancing and increased costs. it may not be in 2023. you want to go up in quality if you want to keep the money offered on the table >> very clear. peter, we will leave it there. thank you for joining me on "street signs. peter doherty. now on to company news maersk appointed vincent clark as the new ceo clerc will replace the head from january onwards. in the first on cnbc interview, he told geoff and steve it will be different from the last two years. >> we are facing a time where we are faced with new challenges after two years of bumper

profits because of the pandemic. we have a different set of circumstances. circumstance that will require a very strong focus for a while on some operational accidents and building on strategy that we have started to execute and we have elaborated together i think it was the assessment of the board as we entered a new season with different circumstances than what we have in past two years and the timing was right to make this change. that is all there is to it i have been working with him for 11 years i learned a tremendous amount from him and now we are continuing with the same strategy and execution in a different seesason and circumstances. we believe in the platform in other major news, microsoft will buy about a 4% equity stake in the london stock exchange group as part of the 10-year deal to migrate the data

platform into the cloud. now, as part of the deal, lsge made a contract commitment for a spend with microsoft of $2.8 billion over the term of the partnership. we are seeing a bounce today in the lsge it is up 4% on the news. another major one. novozymes will create a bio-solutions conglomerate the data company will offer a 49% stake for each share we will have more on this historic merger when we speak to ester baiget today at 11:20 cet. we will go to a quick break. when we come back, asian equities surge on the covid progress may be bumpy as china

rolls back the zero covid policy we wilha t lesjul veheatt st ahead.

welcome back to "street signs. let's get a check of asian markets. it was negligative overnight. we had the hang seng soar up last week, but now we have lost about one-third of that in the overnight session. this is based on the concern of the covid cases mounting in mainland china and this will have repercussions on the real economy. hang seng down 2.2%. real estate and tech sector leading the decline. let's talk more about what is happening in the tech space. you can see the major tech names like alibaba down 3.8% meituan down 6%. the casinos are getting hit. you see wynn macau down 3% this is on the concern the economy may not be able to

reopen as fast as people are hoping china is adding intensive care facilities as beijing continues to roll back anti-virus controls the country called for the full mobilization of hospitals and adding staff as the government reported 10,000 new infections on sunday. last week, china began winding down the zero covid approach launching a ten-point plan and boosti boosting vaccinations. sam filed this report. >> reporter: china is wrestle thing with covid curbs people outside clinics and hospitals and pharmacies is the latest sign of the concern of the spread it comes a week after china dismantled the harsh zero covid strategy including nationwide testing to take public transport and go to the supermarket.

now one would think an easing of the tough rules would see people come out in droves pictures out of cities like beijing over the weekend show the streets quiet as government imposed lockdowns seem to move to self imposed lockdowns. in the effort to address the supply chain, china eased up on rules for transport workers. truck drivers will no longer be subject to covid checks. a factor which has slowed down the flow of goods around the cou country. in order to ensure logistics as people have been lining up in long lines to get treatment for high fever this is threatening to complicate the reopening and the markets are reacting healthcare and transport stocks are benefitting from the latest situation in what was otherwise a down market this morning to

kickoff the fresh trading week the chinese currency coming off a three-month high against the dollar as optimism is fading in singapore, i'm sam badas, back to you. xi jinping wrapped up the three-day visit to saudi arabia pledging deeper ties with the two states the two nations signed a partnership agreement and over a dozen deals over hydrogen to construction xi jinping said china would start buying gas and oil in developing news, a european parliament vice president has been charged with corruption belgium police found bags of cash in her home police launched a series of raids on friday and over the weekend after an investigation into alleged lobbying by world cup host qatar w the greek socialist is one of several to be charged.

>> translator: the corruption case for which she is being investigated became known on friday i don't think we delayed for a few seconds or minutes all of us then learned of her involvement and for this we took an immediate decision to suspend her. we mind our political opponents when she made her inn ssulting statements, i condemned her positions in the tv interinterv. i along with my colleagues had differences from time to time. i made my decision and announced it to the group that she would not able candidate for the european elections in 2024 meanwhile, the eu is struggling to reach a deal for the price cap from the lower level which was previously agreed the revised price cap was

circulated over the weekend from belgium, italy, poland and slovenia negotiations will continue today. remember, the previous price cap was set extremely high and many saying it was set so high it was redundant. uk power prices surged as the country experiences an icy cold snap and drop in wind generation the national grid is preparing to use two emergency use coal generators with sub zero temperatures expected to last through the week anyone here in the uk will certainly be feeling how freezing it is the last couple days also coming up on the show, the u.s. boosts aid for ukraine over what could be a long winter we are speaking with former uk ambassador to belarus nigel gould-d

gould-davies after this break.

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lower as the ecb is wrapping up the most aggressive year in decades. novoshares sink after the merger with the danish health care maker we will speak with ester baiget at 11:20 cet. change at maersk announcing his retirement and clerc set to take over at the helm. >> we were entering a new season with different circumstances than what we have in the past few years. the timing was right to make the change. and european parliament vice president suspended from her party after belgium police detained two mps and seized 600,000 euro in cash in a series of weekend raids

the u.s. will provide additional military aid worth $275 million to ukraine. it was leaning on iran for military support the american aid package will boost ukrainian air defense amid the boost in drone attacks the biden administration said it is concerned about thedeepenin defensive ties with moscow and tehran ukraine's president volodymyr zelenskyy held a series of talks with leaders on sunday speaking with president biden and french president macron and recep tayyip erdogan from turkey there will be an online meeting today in a bid to agree on further sanctions on russia and iran and more support for ukraine. president volodymyr zelenskyy

accused russia of targeting odesa with a dozen autonomous drones >> translator: the situation in odesa region is difficult. after the night strike of drones, odesa and other regions are in darkness. as of now, more than 1.5 million people in odesa region are without electricity. in total, russian terrorists in one night on saturday used 15 drones this is the attitude to citizens >> the former ambassador does not believe serious peace talks are on the horizon >> this is putin himself acknowledged that on friday. it is very unpleasant negotiating with an aggressor as nasty as the russians are. if the issue is the extended war

and continued death in ukraine, some negotiation may be preferable i don't think the serious negotiations are close for the moment, the tact is hunker down in the east because they are losing the war on the ground and bomb ukraine into being ready to talk. there's no sign so far that it is actually working. volodymyr zelenskyy has been firm that we can stand up against the bombing. >> joining me now is nigel gould-davies senior fellow for russia and asia at the iass thank you for joining me today let's just zoom back and talk about the war which has almost been going on for a year now many are surprised at the scale of the ukrainian resistance and counter offensives that have been successful over the last couple months. you look at it now and the picture is one of losses

mounting on both sides mounting casualties and key infrastructure hubs bombed and targeted on a daily basis. who would you say is winning the war? russia or ukraine? >> at the moment, i would say one goes back to the day nam -- dynamic that set in in september of this year major territory had been occupied by russia in respect to the elements that lead to military strength or weakness, ukraine on the ground has the advantage in many respects better morale and more experienced troops compared to the newly mobilized and unwilling russians in the field. they are better led. they have nmore initiative. they probably will be better

supplied with the winter equipment than the russians. this is now a slow-mosquving conflict this is fought on two fronts one is on the battle field and one is the west. there is an unfolding battle of resolve and political will setting in within russia on the one hand and western countries on the other the winter will shape that that will be a test of western unity and determination to continue actively supporting ukraine. >> i just want to go back to the fact it has been a month since the russian withdrawal from kherson. has this proven to be a major turning point? >> i think it has in the sense it destroyed the illusion that

putin can hope to permanently annex parts of ukraine recall this ukrainian victory in kherson followed soon after the loud and pompous declarations of russia that these were now parts of russian territory forever it destroyed that myth whether there will be significant further military advances by ukraine in the short-term is less clear now i draw attention to the attacks that recently have been reported on the russian occupied town as well we have seen many surprises in the war so far it is possible we could see further ukrainian advances soon. >> we are heading into those very challenging winter months

it is freezing in the uk you know, over there it will be sub zero temperatures for a very long time. we know that russia had been targeting the ukrainian energy grid how does that change the calculus over the next couple months go back to what you were saying earlier. how did that test western resolve especially when so many western countries are experiencing the side effects of the energy crisis? >> we have seen a notable and brutal shift in russian tactics in the last couple months with the very significant escalation on the ukrainian energy infrastructure and other facilities as well like water. something like half of the total ukrainian energy grid has been degraded at this point now that's intended to hit ukrainian morale and ukrainian capacity to sustain its civilian

population and by extension the built effort i see no evidence on the morale side it is weakening ukraine's determination to continue the war to the successful outcome. how far it will degrade ukraine's capacity remains to be seen on the question of western resolve, yes, we are heading into the winter. we are all beginning to economize on energy. i think the big picture in total, if you add up western size and strength, it vastly sees russia much more so than during the cold war. even by the most generous calculation. the western economic strength is something like 11 or 12 times that of russia it is not a matter of capacity, but bear modest costs in order

to continue supporting ukraine for what are western security interests as well. if, at this point, or some point in the future, russia were to pre prevail, that would be a significant setback for the west and security terms and demonstration that russia, although much smaller, and every measure of power, weaker, can prevail over the west. that is something a president would be disaster for the west to set fortunately i don't see any evidence across any western country except hungary, would have to think differently about the war. >> it is not just military assistance, but sanctions. you have seen multiple rounds of sanctions applied to russia from the eu and g7 level.

is it your opinion the sanctions will encourage or discourage president putin from starting diplomatic negotiation or go down that route? >> the sanctions record so far has been impressive. we have seen eight eu sanction packages and more to coal. the united states and britain and canada have been in lock-step with that, too they are exerting cumulative effects on the russian economy not a light switch that suddenly changes everything it is a dimmer switch gradually turned up. it is imposing not only pain on the russian economy, but hinder capacity to produce some of the things it needs for the war itself i think putin is pretty much all-in on the war in ukraine they won't change his mind, but

more and more, we see deepening discomfort and desire among the russian elite. most of them have been anxious about the war from the start they see where it is sending russia's future. so, sanctions will be one of the many factors as well as military setbacks leading a critical mass for the people that matter around putin to take the view this is a disaster and it should end. whether that becomes politically significant and they can stop putin somehow, that's the critical unknown factor at this point. they will also know that even if there is a negotiated cease-fire on the ground, short of a come f -- comprehensive sound, it will be shifted certainly we're in a different

war in a post-war russia will be differently than the security situation will look different from anything in the past. >> that is a good place to leave it thank you, nigel gould-davies from the iass. nato secretary-general will be joining hadley for the interview at 13:50 cet we will be going live for that interview. oh, dear it is all over for england at the world cup. it all played out in front of the bumper audience as estimated 23 million people tuned in to watch the saturday quarterfinal defeat live on itv that is the most viewed single the channel event of the year in the uk the three lions crashed out to

franchise with the captain harry kane missing a late penalty. elsewhere went to penalty as argentina beat the netherlands and two big surprises. morocco sent ronaldo's portugal home it is not just england's world cup dreams that came back to earth with a bump. nasa is celebrating after the artemis reentered the earth's atmosphere here is the full story >> reporter: 12:40 p.m., 300 miles south of san diego >> splash down >> reporter: nasa's uncrewed mission came splashing down in the ocean.

>> orion back on earth >> reporter: bobbing in the water is the space ship that will carry astronauts back to the moon wrapping up the 25-day mission >> liftoff we rise together back to the moon and beyond. >> reporter: it began at the kennedy space center on november 16th the rocket came screaming to life 268 t 268,000 mile test flight a fly over and stunning photos capturing orion, the moon and earth far off in the distance. then 40,000 miles beyond the monday further than any human spacecraft has traveled before heading back to the moon and an sling shot return to earth in 2024, nasa plans to fly astronauts on the lunar test flight followed by the first

humans to land on the moon since apollo this coming on the 50th anniversary of the last landing. it may look like the old space capsule, but it is bigger. instead of carrying three, orion can carry four astronauts. testing a heat shield. orion entered the earth at 25 times the speed of sound heat shield half the temperature of the sun the view looking out the orion window >> the moment of truth >> reporter: to bleed off speed, nasa skipped the ship off the atmosphere before dipping back in and slowing from 19,000 miles per hour to a gentle splash down at 20 miles an hour. navy divers moving in to secure orion and bring it on board the "uss portland.

>> this time we go back to the moon to live and work and create in order to go on out into the cosmos to further explore. also coming up on "street si signs," u.s. lawmakers have days to avoid a shutdown as they lock horns over how to spend the money. more on that after the break i we and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free

welcome back to "street signs. u.s. lawmakers are struggling to agree on the funding package as republicans and democrats remain far apart. they will have to review a short-term funding bill until republicans can gain control of the house next year. we have drew with more drew, talk us through how far apart the two sides are at this time

>> reporter: well, you said it they are a good way apart, joumanna the question is will there be a bipartisan deal or will democrats try to pass the bill to fund the government while majority is still in congress. senate democrats will not release the omnibus bill as they planned today. leaders in the senate saying bipartisan progress in negotiations took place over the weekend. those negotiations will continue today. it is unclear whether both sides were able to agree on a top-line spending number and reaching an impasse heading into the weekend. >> drew, just to follow-up on that there are reports that the house republicans may look to introduce a short-term funding bill to get us to the beginning of next year when the house switches over to the favor of the republicans. how would that change in the longer-term budget for 2023?

>> reporter: well, fact is democrats want more done defense spending and that is what they are pushing for. that is the disagreement in spending republicans, if they are able to do a short-term deal, they have more power in the house next year democrats still control both chambers for now they are going to try to achieve a bipartisan deal to either have a long-term continuing resolution which would last the year or pass the omnibus we are arerunning out of time. that is the issue. there is not a lot of time that may lead to the short-term resolution will that push into the new year when the dynamics in washington change >> drew, thank you for that report now consumers caution around holiday spending is the highest since 2013 ago to the latest all america survey by cnbc

the survey found that most americans do not want president biden or former president trump to run for election again. steve liesman has more >> no, thanks. that is how america responded with the survey asked if former president trump or president biden should run again for president. the vsurvey stated 61% of the public think former president trump should not run again and 19% supporting a run for president biden. and each party prefer their names not be on the ballot including 37% of republicans who don't want trump to run and along with 61% of independents and 88% of democrats for biden? 57% said he shouldn't stand for office along with 66% of independents cnbc's democratic and republican

pollsters believe democrats will likely support joe biden if he is the nominee and republicans would get behind trump both point to the opposition within each party. neither trump nor biden is starting off in the strong place. the survey found 47% of those who think biden should not run say age is a major reason. including 61% of democrats who don't want him on the ballot 66% of seniors, by contrast, 47% cite age as a reason 8 8% say age is the reason for trump. he is 76 biden's approval is 41% from 46%

november from october. the president's economic approval slipped to 38% to 40% just 20% of the public thinks the biden administration efforts to ease inflation are helping. a five-point decline from october. when comes to priorities for congress, americans are usually united inflation. 8 87% says it is job number one. other issues show the most traditional divisions. reducing the deficit is the second overall pick for republicans and independents 47% of democrats think it is a congressional priority compared to 48% of republicans. national professioptection for n are rights is 72% for democrats and 39% of independents.

and republicans say, 68%, say investigating the administration is the top priority. steve liesman, cnbc news. we have an exciting week coming up with the markets cpi tomorrow and bank of england and ecb. it is all happening this week. it looks like things are tilted to open up in the green. the handover from asia and europe is certainly risk-off today. you see on the board there it can all change. that is it for "street signs." i'm joumanna bercetche "worldwide exchange" is coming up next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or

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it is 5:00 a.m. in new york. here is your top "five@5." coming off the worst week in months as goldman sachs expects stocks to fall next year it is all about inflation. we get the inflation number this week and fed meeting we will set you up. covid omicron strain the same risk as the flu you may not believe what the chinese health official is saying as the country tries to reopen. the bank of america isut